Mumbai-based food-saving app SaveEat on Tuesday said it has raised $500,000 from Credent Investment in a pre-seed funding exercise.
The transaction valued the startup at a post-money valuation of $4 million, it said in a statement.
The fresh capital will be deployed by SaveEat for boosting its technology as well as expanding team and marketing operations.
Founded in 2021, SaveEat helps eateries sell their fresh surplus food and also allows customers to get fresh, quality food from places that would have otherwise gone to waste if not consumed in time.
“We plan to become a foodtech platform that’s addressing the Rs 40,000 crore problem of food wastage in the hospitality sector of India. The fundraise will help us expand our business operations across 3 key markets – Mumbai, Pune and Bengaluru. Our goal is to partner with over 3,000 outlets by March next year,” said Sneh Binny, founder and chief executive at SaveEat.
“SaveEat is one of the only payers in India which is a business with a cause which sets it apart from other major players in the food-delivery industry. With a goal to make India a zero-food waste country, SaveEat is transforming how surplus food is managed in India,” said Aditya Kanoria, director at Credent Investment.
According to a report, the foodtech market in India was valued at Rs 289.36 billion in 2019 and is expected to reach Rs 1,868.19 billion by 2025, expanding at a compound annual growth rate (CAGR) of 39% between 2021 and 2025.
